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Supply Chain Optimization Is Crucial To Your Business. Learn Why!

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We are residing in a highly competitive world. And it is becoming difficult for the businesses out there to take a stand. And thus, they should look for continuous enhancement to meet consumer needs. To do it successfully, supply chain optimization can be undertaken.

It improves both performance and network efficiency to fulfill the needs of the customers. This article will describe to you why supply chain optimization is vital for your business.

What is supply chain optimization?

Like blockchain, supply chain optimization uses resources and technologies like AI (Artificial Intelligence) and IoT (Internet of Things) to enhance both performance and efficiency in a supply network. A supply chain of an organization offers an efficacious customer experience.

Business efficacy and responsiveness are enabled by a high-performing and powerful supply chain to give the customers what they want. And ultimately, it brings profit to the organization and also enhances the sustainability of the supply chain.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

Supply chain optimization process:

A successful supply chain optimization process undertakes three phases. The phases are:

Supply chain design:

This phase includes a description of network design processes such as the location of warehouse facilities and how the product flows between them. It also showcases strategic objectives like establishing supplies, demand forecasting, and the scheduling and planning of operations associated with manufacturing.

Supply chain planning:

It includes the making of a strategic supply chain development plan, planning for inventory, and assets coordination for optimizing goods delivery, information, and services from supplier to consumers, ultimately balancing supply and demand.

Supply chain execution:

This phase focuses on execution-oriented systems and applications, inventory and warehouse management, management of transportation, management of global trade, and other execution applications like supply chain visibility, real-time decision support, and order management systems.

Importance of supply chain optimization:

The complexity of supply chains cannot be ignored, but the complexity pays technological benefits, especially when AI and IoT are integrated with blockchain.

A successfully designed supply chain management and optimization processes describe the given below issues:

Silos:

As the data is siloed, supply chains are unable to get the needed insight, and they lack end-to-end visibility. All these together pull them from meeting the needs of their consumers. For informational silos, a supply chain optimized through connected technology is considered to be the best solution.

Client needs:

The expectations of the customers are rising. And this means that the supply chains must keep up with innovating and optimizing each step to meet the needs of their customers. The organizations must prioritize the supply chain not only to meet but exceed the customer expectations as well.

Competitive advantage:

Earlier, supply chains used to focus on the design of the network like distribution fleet and warehouse placement. But currently, optimization on real-time decision support and execution-oriented applications is the indispensable process for protecting the brand and building competitive advantage.

Agility:

The supply chain must respond fast to the changes like- customer demands, supply distributions, and competitions. To stay competitive, the modern supply chains must be active and quick.

Sustainability:

There are several social and environmental impacts caused by supply chains. Modern customers crave to know whether the goods are manufactured or produced in an ethical and sustainable method by using low-impact extraction or renewable methods.

Features of an effective supply chain optimization:

Blockchain development for supply chain itself is a powerful technology. And when it is further integrated with AI or IoT, the power rises dramatically. Firstly, blockchain migrates from a traditional business network and brings good quality data together across the partners.

When AI is added, it extracts a meaningful context and produces strong insights resulting in several potential benefits.

Some of the vital features of an effective supply chain are given below:

  • Inventory tracking:

It looks through the entire blockchain in supply chain and knows exactly where the inventory is.

  • Intelligence:

For real-time intelligence, it leverages composable data and AI services.

  • Reporting and analytics:

For forecasting future sales and demands, it evaluates patterns in processes.

  • Order management:

It tracks orders, manages returns, sends quotes, and contributes to customized pricing.

  • Visibility:

It offers up-to-date inventory tracking and available-to-promise data.

What is the future of supply chain optimization?

Automation will be delivering significant scaling advantages, contributing to blockchain for supply chain management. Some of the technologies that will continue to develop are:

IoT sensor data will offer insight into inventory status and location.

AI will make monitoring of inventory more accurate.

  • Blockchain:

It will improve traceability, visibility, transactional trust, and will verify the authenticity as well.

  • Intelligent order management:

Inventory visibility will be mastered with automation and improved demand forecasting.

Conclusion:

Indeed, it is advantageous to opt for supply chain optimization in businesses. Technology, along with globalization and empowered customers, is changing the way how a business manages its supply chains. In the future, the supply chains are expected to take more accurate actions.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

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How Enterprise Blockchain is Transforming Legacy B2B Back Office System

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Organizations nowadays are using enterprise blockchain, which is aiding them to alter custom applications and legacy B2B collaborations in the back-end office digitally. This move was great because of the increased competence of shared ledgers and digital assets.

Thus, the other technologies associated with blockchain are completely regarding B2B collaborations.

How Enterprise Blockchain is Transforming Legacy B2B Back Office System

B2B Communications is a Crucial Element for Business Network

Companies can collaborate to execute works with popular brands around the globe in all main sectors like insurance, financial services, manufacturing, travel, etc.

All of the services under the B2B classification are time-consuming and make difficult plumbing problems easier to solve. In other words, it makes everything as simple as clicking a button. Documents exchange and messaging are already simple.

But a consortium’s decentralized nature adds some tricky and new wrinkles to the mix. Services in terms of security, operations, and tenancy models for the blockchain and admin console need to be considered and created for the non-functional necessities of consortia.

All the modern business networks need a complete B2B tech stack. And it is an indispensable requirement for blockchain technology for running and building data marketplaces or exchanges.

These are the valuable and critical components of an enterprise blockchain development company with blockchain consortia. Almost every network member of the business seeks to exchange data or documents off-chain.

What’s necessary for B2B communications?

A brand new UX (User Experience) for both document exchange and app-to-app messaging in the off-chain communications layer is important. These upgrades not just only make it superficial but helps in-deep. New APIs and monitoring dashboards need to be integrated for high volume and large document transfer.

DApps or the enterprise-based decentralized applications possess a diverse architecture, layout, and design to those of the traditional applications. Having a shared ledger of enterprise blockchain development at the core will enable you to connect via off-chain and on-chain methods among several participants to coordinate end-to-end business-related transactions and gather valuable data for solid proofs.

For linking data and assets to “hashes’ on-chain from external systems, the users can create blockchain programming constructs such as ‘tokens.’

Data and actions can be attached to certain organizational identities. Sometimes these data and actions are even masked for privacy. And these can be tracked down to entities of real business and can prove to be beneficial for the blockchain business network.

A very common instance — Have a quick glance at the use cases of private data sharing:

For enhancing the data sharing process of B2B businesses, the opportunities are better and are getting proved each day. A lot of people from various industries are prioritizing “Private Data Marketplaces.”

It enables the business network members from different entities to improve the all-over knowledge related to the consortium and ensures that every member is properly remunerated for their efforts in data collection.

Working of data-sharing networks:

Firstly, multiple entities use a specific marketplace to share particular data. Blockchain tokens manage a data marketplace. Any member of the network requires to gather updated information and can select either to purchase the data from the people who already gathered it or can collect the data all by themselves.

To ensure a better blockchain development framework in the marketplace, a description and name for every data payload are enumerated, along with its in-token cost, collection date, and a quality score depending on the ratings given by other buyers.

By making use of a controlled supply of tokens, the consortia members make a contribution to the collection of data. The blockchain-related solution enables all its members to share the data type they have, which allows the member to decide whether they need it or not.

All members of the business network get a notification whenever there is the availability of data for making a purchase. Any interested network member in purchasing the information of the vendor can go through the details, ratings, cost and ultimately buy the data directly from the data owner.

The data exchange is performed off-chain securely, and for transparency, the transaction is hashed to the technology of blockchain. And for easy data sharing, you can avail of blockchain development services and utilize features like event streams, document exchange, and contract management.

The excellent service of document exchange can be used to upload and transmit files securely within a secure environment. It can be beneficial for both security and business levels. Any received and uploaded document can be organized conveniently by making use of in-built folder structures. By using infrastructure techniques, every data can be hashed, compressed, signed, and encrypted asymmetrically. Flexible service interaction supports in-console graphical UI as well.

Conclusion:

Technology is an inevitable factor in every aspect of life. Even the marketplace is implementing the latest technologies. Blockchain is deterministically transforming the legacy of business to the business back-office system. For better knowledge of blockchain, you may look for professional help, and before commencing, try to acquire as much knowledge as you can.

How Enterprise Blockchain is Transforming Legacy B2B Back Office System

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Blockchain Versions Explained: A Guide for Beginners

Blockchain Versions Explained A Guide for Beginners

Are you a beginner in the Blockchain space? Want to get started with this futuristic technology? This article talks about various versions of Blockchain, providing a clear understanding of exactly what this technology is all about.

Table of Contents

  • What Exactly is Blockchain Technology?
  • Types of Blockchain Versions
            * Version 1.0: Cryptocurrency
            * Version 2.0: Smart Contracts
            * Version 3.0: Introduction to dApps
            * Version 4.0: Blockchain for Industry
  •   Wrapping Up 

What Exactly is Blockchain Technology?

A Blockchain is a peer-to-peer (P2P), decentralized, distributed ledger technology with a continually growing public ledger that keeps a permanent record of all the transactions securely and immutably. A blockchain is a network of information-containing blocks where each block tracks all recent transactions and, once done; it is stored permanently on a Blockchain network.

It is different from the traditional database because Blockchain is decentralized because there is no intermediary or mediator, and it is fully confidential. 

The technology has gained a lot of public attention since 2009, and since then, it is continually growing and developing, and now it is more than bitcoins and cryptocurrency. Its demand is because of its ability to offer decentralization, immutability, transparency, and privacy.

Are you a beginner in this domain? Want to get started with Blockchain and become a Certified Blockchain Expert? Get started today!

Types of Blockchain Versions 

As we have understood what exactly Blockchain is, let’s delve deep into the evolution of this technology, including blockchain progression from version 1.0 to version 4.0.

  • Version 1.0: Cryptocurrency 

The implementation of distributed ledger technology led to its first-ever application, and that was the introduction of cryptocurrency, Bitcoin. After Bitcoin, various other cryptocurrencies were introduced to allow financial transactions based on Blockchain. 

Satoshi Nakamoto, a pseudonym for a different person or persons who invented Bitcoin, wanted to create a “trust-less” cash system by removing third-party intermediaries, unlike in traditional systems that require mediators to perform digital monetary transfers.

  • Version 2.0: Smart Contracts

After Bitcoin, version 2.0 extends the concept of Bitcoin beyond cryptocurrency. 

There were several challenges that came with Bitcoin, and those were wasteful mining and lack of network scalability. To deal with such issues, version 2.0 introduced smart contracts. Smart Contracts are autonomous computer programs that execute automatically when the desired conditions are satisfied. Such contracts run on the blockchain network without any plausibility of downtime, fraud, or error.

The aim of the smart contract is to provide security while processing transactions and reduce excess transaction costs and time. Unlike traditional contracts, smart contracts maintain complete transactional transparency, offer security and confidentiality by making use of cryptographic algorithms. 

Smart contracts can be applied to trade finance, supply chain, property ownership, and many other domains. 

  • Version 3.0: Introduction to dApps

dApps are Blockchain-based apps, or we can say that dApps are a part of the software that communicates with the Blockchain, which manages and controls the state of all network actors. Unlike centralized apps that run on a single computer, blockchain-based apps run on a P2P network.

Such applications use decentralized storage and communication, and most have their backend code running on a decentralized network, unlike centralized applications that run on centralized servers. 

A few of the top-ranked dApps are ForkDelta, CryptoKitties, Bancor, Ether Shrimp Farm, PoWH 3D, Moon, Inc., among others. 

  • Version 4.0: Blockchain for Industry

Although the value of Blockchain in industries is yet to be defined, there are still some areas such as finance, supply chain, manufacturing, healthcare, logistics, including others in which this technology provides prospective benefits. Technology 4.0 demonstrates the strategies that make Blockchain available to business requirements.

Various organizations, industries, enterprises, and businesses are willing to adopt Blockchain technology for their efficient operations. Due to their decentralized nature, distributed ledger technologies like Blockchain can easily resist malicious attacks and frauds. With continuous efforts, Blockchain developers and technocrats are trying to build a scalable, adaptable, and affordable Blockchain for the world. 

Wrapping Up 

Undoubtedly, Blockchain has made a lot of progress since its invention. Those who have understood its potential are ready to go beyond the paradigm of a central system for anything and everything. Due to its decentralized nature, technology can easily resist malicious attacks and can execute transactions instantly. The latest upgraded version that is version 4.0 is leading us towards faster processing and sustainable technology in terms of immutability, anonymity, privacy, secure transactions, and cost-efficiency. But still, there is a call for a safer and more robust Blockchain.

If you are a beginner but want to master this futuristic technology, Blockchain Council is here to assist you!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Blockchain Versions Explained: A Guide for Beginners

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Hyperledger Fabric and It’s Business Use-Cases

Hyperledger Fabric and It's Business Use-Cases

Want to learn and understand the various use-cases of Hyperledger Fabric? Well, we have got you covered.

Table of Contents 

  • Understanding Hyperledger Fabric and its Key Capabilities
  • Top Fabric Use-cases That You Can’t Overlook 
  • The Verdict 

Understanding Hyperledger Fabric and its Key Capabilities

Hyperledger Fabric is a permissioned distributed ledger that is intended for developing applications with its modular and versatile architecture. It focuses on the development of enterprise-grade applications and offers a unique approach to a consensus that enables performance without compromising privacy.

Its key capabilities include a membership identity service that is used to authenticate and control IDs for participating people. Next is chain code functionality, useful for a special type of transaction. Moreover, it offers efficient processing. It ensures that the execution of the transaction is separate from the transaction assurance and ordering. Fabric shields the business interest by assuring that the transactions are confidential and remain within the permissioned network.

Top Fabric Use-cases That You Can’t Overlook 

In this section, let’s explore some of the top use-cases of Hyperledger Fabric across various industries.

  • Supply Chain 

One of the most exciting use cases of Hyperledger Fabric is in the supply chain domain. It helps organizations and businesses to track their product right from the pickup location to the time it reaches the end consumer. The final assemblers can utilize the Fabric platform to create a supply chain network that will help them in managing the demand and supply between suppliers and producers. Moreover, Fabric can help in the verifying process, indicating that a product has been dispatched and that it went through the supply chain in the best conditions.

Apart from food tracking, drugs can also be traced and tracked all the way through the supply chain, ensuring transparency and efficiency at all levels. Fabric engages stakeholders, lower the credit risk, reduce malpractices, and allow the transaction period to be short and quick.

  • Trade and Finance 

If we talk about payment systems, it is the first-ever use-case of Blockchain technology. Fabric can be applied to the finance domain, where all record-keeping transactions and operations can be recorded that helps prevent frauds and malpractices. The technology removes money transfer services from the transaction and thus reduces the cross-border challenges such as intermediary cost and settlement times as well. With the help of underlying technology, Fabric enables stakeholders to have direct access to all assets, allowing them to initiate trades and obtain information on an asset without going through intermediaries. 

From the moment the trade is captured by the front office before the trade is eventually concluded, all parties can build and use only one contract that defines the trade.

  • Government Sector 

Government institutions worldwide are leveraging blockchain technology to help address major public sector challenges and build a better future for public services. Fabric can be utilized to architect a paperless, secure, corruption-proof system and to experience transparent administration and reliably sharing data all across the globe.

Fabric can provide government institutions to create permissioned networks for their internal handling. Moreover, they can also create modules for digital identity and connect the people to the system accordingly.

  • Direct Communication and Separation of Asset Ownership 

Whether it is the supply chain, manufacturing, finance, or any other sector, Fabric can curb out all intermediaries and lengthy processes from the equation and enables direct communication between the participating parties in real-time. So, if an organization aims to crowdfund or sell a portion of their stocks to the other party, they can create the pipeline using Hyperledger Fabric and provide the right information when needed without worrying about the mediators.

Interoperability of assets is another application of Fabric that empowers all involved parties such as companies, stakeholders, and end-users to change one asset into another.

  • Improving IoT Infrastructure

IoT devices are vulnerable to various kinds of network attacks and lack privacy. The IoT infrastructure can be enhanced by utilizing Hyperledger Fabric. Fabric can act as a backbone by providing a robust protocol to manage millions of IoT devices and can offer a fast network to connect these devices with each other.

The Verdict 

I hope the article has detailed what you were looking for. Hyperledger Fabric goes far beyond just blockchain technology, covering businesses and industries at a global level. As more businesses are implementing blockchain, new ways to innovate will continue to rise. 

If you are looking to upskill yourself in this technology, we are here to help you learn and become an industry-ready Hyperledger Professional. The Hyperledger certifications provided by the globally renowned online platform, Blockchain Council, give an in-depth knowledge of all the frameworks of Hyperledger.

The platform is known to provide the two most in-demand certifications, such as Certified Hyperledger Developer and Certified Hyperlegder Expert.

So what are you waiting for? Get started today!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Hyperledger Fabric and It’s Business Use-Cases

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Blockchain and IoT: A Solid Technological Duo

Blockchain and IoT: A Solid Technological Duo

Wondering what can be the benefits of combining Blockchain with IoT? Well, we have got you covered. This article talks about how Blockchain can help IoT and talks about some of the popular use-cases of Blockchain and IoT. 

Table of Contents 

  • Overview of Blockchain and IoT 
  • How Blockchain can Help IoT
  • Applications of IoT and Blockchain
  • Concluding Lines 

Overview of Blockchain and IoT 

Blockchain is a peer-to-peer(P2P) decentralized distributed ledger technology that enables data to be exchanged among multiple parties without involving any third-party intermediary. It has the potential to offer transparency, immutability, security, and privacy and is expected to bring radical changes in a broad range of industries, including business models and operating processes such as payment, accounting, and auditing.

IoT, on the other hand, is a mechanism or interconnection between ordinary computing devices and objects that allow them to receive and transmit data over the internet. IoT devices are known to open up infinite opportunities for businesses to run smart operations. 

Now comes the question of why does the IoT ecosystem need a Blockchain? The answer to this is straightforward. IoT devices suffer from various shortcomings such as lack of compliance in the manufacturing stage, security holes in the device updates, vulnerability to DDoS attacks, etc. Thus, for transforming their operations in terms of accountability and security, enterprises and organizations can send their IoT data to an immutable blockchain ledger for added accountability and security. 

Are you looking for Blockchain Certifications? Your search ends here!

How Blockchain can Help IoT

Before discussing how Blockchain can help the IoT ecosystem, it is crucial to note that IoT devices are powered by centralized servers, which won’t be enough for long-term solutions. 

 Thus, if IoT devices want to reach their full potential, they must move away from the centralized servers and switch to the concept of decentralization. Unlike the internet alone, Blockchain is decentralized, distributed, open, inclusive, immutable, and secure, giving unprecedented capabilities to create and trade value worldwide.

Let’s delve deeper and explore how Blockchain can help IoT.

  • Brings Trust

As we know, with Blockchain, there is no centralized server in control of your data; thus, technology maintains a complete level of trust. Thus, with the help of Blockchain in IoT, any party can get the true form of trustless connectivity.

  • Cost-Efficient 

Additional safety is one of the prime reasons for high costs. Since IoT devices are prone to vulnerabilities and DDOS attacks, they require additional security mechanisms, which of course, comes with high costs. But Blockchain and IoT can manage everything on their own without any issues, reducing the additional cost associated with security. 

  • Streamline Processes

Blockchain in IoT can streamline the entire process without involving any third-party intermediaries. Moreover, Blockchain’s smart contract functionalities help smart devices to monitor themselves and work independently.

  • Applications of IoT and Blockchain

Now, as we have understood how Blockchain can help the ecosystem of IoT, let’s explore some of the applications of IoT and Blockchain.

  • Blockchain in Agriculture

The combination of Blockchain and IoT has the ability to completely transform the food processing market, from farm to grocery store to home. By installing IoT sensors in the farming area and sending data directly to Blockchain can bring transparency and security and can overall transform the food supply chain. 

  • Tracking Components and Maintaining Compliance

The ability to track components that go into an aircraft or automobile is critical in terms of safety and regulatory compliance. IoT data stored in Blockchain enables all the involved parties to see component provenance throughout a product’s life. 

  • Healthcare 

Maintaining privacy is crucial, especially in the healthcare sector, as there are possibilities of counterfeit medicines. Thus transparency and traceable nature of Blockchain, along with the embedded IoT sensors, can help monitor and trace the shipment of drugs right from their origin to the supply chain destination.

Apart from these, the Department of Homeland Security is leveraging Blockchain and IoT to prove that the broader surveillances’ information is legit. Also, Maersk is working with IBM and utilizing Blockchain and IoT to change how the global supply chain works.

Want to know more about Blockchain and its use-cases in various domains? Get started today as a Certified Blockchain Expert!

Concluding Lines: Are there any Prerequisites?

From the above discussion, it is clear that undoubtedly Blockchain and IoT are good technological combos, but some of the prerequisites must be met. Like for instance, the willingness of companies to collaborate, despite their different interests, the integration of the Blockchain platform in business operations, the right choice of platform protocol, the technical re-alignment towards use cases, and, most important legal regulations that allow the facilitation of Blockchain platforms in the Internet of Things industry.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Blockchain and IoT: A Solid Technological Duo

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